facebook

Sexually transmitted debt and the damning effects of inheriting debt from your partner

by | Feb 3, 2023 | Personal Finance

Money and marriage may not be the most romantic discussion for someone planning to get married, but it’s one worth having if you’re looking to secure your financial future.

Sexually transmitted debt (STD) is when you find yourself being responsible for or having inherited your partner’s financial debt in a relationship or marriage, usually due to a marriage contract, or a spouse being misled to take debt in their own name.

Most often than not, when a couple gets married, they may combine their financial assets and liabilities, and this can include any debt that either spouse brings into the marriage. This means that if one spouse has debt, it could potentially become the shared responsibility of both spouses. This is sometimes referred to as “marital debt.”

However, there were laws that specify how marital debt is divided in the event of a divorce or separation. It’s important for couples to be aware of these laws and to understand the potential financial implications of combining their finances when they get married.

It’s also important for couples to have open and honest communication about their financial situation and any existing debt before getting married, so that they can make informed decisions about how to manage their finances together. Couples should discuss divorce and debt issues before entering into a marriage contract because the consequences of your marriage contract can affect your estate planning, tax obligations, alimony obligations, spousal support, asset division upon death or separation, divorce, Most importantly, debt.

Sexually transmitted debt can have a number of effects on people including:

Increased financial burden: If one spouse has a lot of debt, it could potentially become the shared responsibility of both spouses, which could significantly increase the couple’s overall financial burden.

Strained relationships: Arguments about money and debt can be a major source of strain on relationships. If one spouse is carrying a lot of debt, it could lead to tension and conflict within the marriage.

Reduced financial flexibility: Having a lot of debt can make it more difficult for a couple to make financial decisions, such as buying a home or saving for retirement, because they may need to devote a larger portion of their income to debt repayment.

Negative credit score impacts: If a spouse’s debt goes into default or becomes delinquent, it could have a negative impact on both spouses’ credit scores. This could make it more difficult and more expensive for the couple to borrow money in the future.

It’s important for couples to be aware of the potential impacts of marital debt and to take steps to manage their finances effectively in order to avoid negative consequences.

Free Call Back Form

We'll Contact You!

"*" indicates required fields

Accept terms and conditions?*
This field is for validation purposes and should be left unchanged.

Related posts

How to Sell My Car Safely: A Comprehensive Guide

How to Sell My Car Safely: A Comprehensive Guide

Selling your vehicle Handling car payments can be tricky, especially when it gets to a time where you can no longer afford the monthly installments. A great option to get yourself out of the mud, selling your car before you miss any payments, and using the proceeds to...

Lease Agreement South Africa: A Comprehensive Guide

Lease Agreement South Africa: A Comprehensive Guide

If you're among the 21% of South African households living on rental property, understanding lease agreements is crucial. Whether you're a seasoned tenant or a first-time renter, grasping the complexities of this legally binding contract is crucial. In this...